Paid $290 for the maintenance of a truck during the month
Debit maintenance expense 290
Credit cash 290
This is an operating outflow and is NOT capitalized; this is because it does not substantially extend the life of the truck.
Kelsey I have preset accounts and one account states Maintenance and Repair Expense is that the same?
Thank You again Kelsey I almost have this done
Kelsey here's a question:paid 1,000 on a truck owed and 500 on account owed on cleaning supplies , now how would this be titled in accounts and posted in T accounts
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